September 13, 2010

DCC has a secret contract with Covanta in offshored Luxembourg to manage the proposed Poolbeg Incinerator. Who knows what burdens this contract places on Irish taxpayers.

Covanta with "HQ" in new Jersey manages an incinerator in Harrisburg, PA., USA. Debt for financing the Harrisburg waste-to-toxins plant is forcing receivership or bankruptcy of the city. Its proposed that property taxes be increased to pay the incinerator debts.

In Pennsylvania, under the state’s Local Government Unit Debt Act, creditors can compel the people of the city of Harrisburg to make good on its incinerator guarantees.

Sept. 13
(Bloomberg) -- Dauphin County, home to the Pennsylvania state capital of
Harrisburg, and bond insurer Assured Guaranty Municipal Corp. asked a
judge to appoint a receiver for a local incinerator whose debt they
guarantee.

The filing today, in state court in the capital, also seeks to compel
Harrisburg to make payments on $288 million in incinerator debt it
guaranteed by raising property taxes if necessary.

"short interest greater than 5% to be a warning sign. While
plenty of great companies can carry high short interest, that red flag
is your invitation to dig for troubling information that the [Covanta] company's
buyers might be missing."

Here's one Covanta red flag. After the allocated three years, Covanta's secret 2007 contract for the Poolbeg waste-to-toxins incinerator in Ireland terminates on Sunday, September 5, 2010.

Canceling that contract could save Irish taxpayers and society about $1 Billion (€750 Million) over 25 years. Whether the Drumcondra Mafia reignites that dodgy contract will say a lot about winnings on de horses, the Manchester business man, Engineers Ireland and Regurgitated Philistine Spin (RPS).Covanta (CVA) is a stock with a high percentage of its publicly traded shares sold short. CVA may be trading at too high a price. So if you like a gamble ask in Fagins about betting on this horse: further falls in Covanta's share price.Second Red Flag for Covanta: technical analysis of CVA's stock price. Technical analysis possibly signals that big Covanta investors are legally getting out of CVA stock based on professional insights not in the public domain.

Covanta stock crashed below the 200-day average, a key signal, around the time they halted construction in Poolbeg, and just after the destruction of the Dublin Bay fresh water habitat for Brent Geese. The Geese are in Canada at Polar Bear Pass near the North Pole and will have a pleasant surprise on returning 4000 kms to Dublin: wrecked fresh water source. See The Motley Fool for why wasters in the waste-to-toxins racket should be dumped or at least shorted. Or go to Fagins and ask about the other bankruptcies in Poolbeg: IGB, DDDA, Anglo-Irish Bank, Zoe Developments/Caroll.

At Fool.com, we believe in buying great companies for the long term. However, not every company commands a fair price, and many trade for far more than they're actually worth.

In these situations, investors actually have a chance to benefit from a stock's plunge. When shorting a stock, an investor bets that price of a stock will go down, and profits from any downward movement. The practice is risky, inviting unlimited losses while only providing limited upside. However, shorting wildly overvalued companies can also help balance your portfolio against the wild market swings we've seen in previous years.

To find shorting candidates, we screened for stocks with a high percentage of their publicly traded shares sold short. [Edit by this blog:One such stock is Covanta (NYSE: CVA), with a current short interest of 5%.]

National gombeen Anglo-Irish-'Bank' started to build an illegal HQ on the Liffey. Whilst claiming to be a bank, and whilst allegedly cooking its books with aid from other 'banks' and the Financial Regulator, the esteemed property speculation company used their captive Dodgy Dublin Developers Autocracy (DDDA) department to rubber-stamp an illegal building permit.

Today, the esteemed Irish institution An Bord Pleanála, full of totally honest directors appointed by the Drumcondra Mafia, retro-actively approved the illegal building permit for the bankrupted banks desired HQ.

The 'developer' ZOE/Caroll who allegedly worked with DDDA to get the dodgy contract, is also bankrupt. That 'developers' assets have been offloaded by the Drumcondra Mafia onto taxpayers at a cost of the order of €3 Billion in the NAMA scam.

Anglo-Irish Bank's scams will cost Ireland at least €70 Billion in direct property debts and in indirect lost opportunity costs from the crippling of venture capital to 2020 and beyond.